I mention 5 amazing ways we expect freelancers and e-commerce businesses in Nigeria to benefit from the power of blockchain. If you haven’t seen that article, here is a link to it. So let’s get to the day’s business.
Blockchain technology will help brands clear any copyright problems, and prove that their designs belong to them; the ability to do so will most likely increase the product’s worth and the brand’s value as counterfeiting will no longer be an issue.
Ascribe is an ownership company that helps companies and artists register themselves as product creators using blockchain technology. Using your dashboard on the company’s website, you can track your products' movement as its goal is aimed at reducing copyright claims.
Of any business-related field that stands to gain from blockchain technology, accounting is the standard case study. The tax code is intensely complicated, the challenges of managing business operations in wide-reaching locations are many, and the need for accuracy and clarity is of prime importance. Blockchain technology can more effectively manage all of the above.
"Blockchain’s transparency gives visibility to all transactions for approved users, and this may decrease auditors’ work with sampling and validating transactions," Ken Tysiac wrote in a recent edition of the Journal of Accountancy. "But this allows auditors more time to focus on controls and investigating anomalies. Meanwhile, opportunities are emerging for CPAs to use blockchain technology as they expand their assurance services to areas such as cyber security and sustainability.”
In an industry where scratch-off tickets and pencil-filled play slips remain commonplace, blockchain technology has the potential to disrupt the $260 billion annual global lottery market by providing anonymity and confidentiality for both consumers and creators alike. At the same time reducing the potential for fraud and manipulation.
Prime Ball, managed by Ethereum smart contracts, will be among the first fully decentralized and transparent lottery platforms using blockchain technology. All winning results will be publicly recorded and distributed on the Ethereum blockchain without any third-party involvement.
Cryptocurrency payments make it much easier for e-commerce companies to keep track of all transactions, which can be very helpful if a customer asks for a refund. Expedia, an international travel operator, have started accepting payments in Bitcoins for hotel bookings, making them one of the first in the hospitality sector. Shopify also has a Bitcoin payment option for its customers.
Founded 129 years ago, Eastman Kodak has found it increasingly difficult to compete with being largely supplanted by the new digital age's smartphones. The traditional company is finding a way to redefine itself with its new blockchain venture.
The KODAKOne management platform will allow for an encrypted, digital ledger of rights ownership. Photographers can register both new and archived work, and then license it within the platform. The system allows professionals to take part in a new economy for photography, secure payment for licensing their work immediately when sold and offer their work on a secure blockchain platform.
Blockchain technology is affecting how companies do business in other respectable business sectors too. The technology is creating operational efficiencies and new opportunities even in developing markets whose bad economic situations, political instability and corruption have frightened away entrepreneurs and investors. Blockchain technology has been said to have the same potential as the internet in the early 1990s.
Its applications that are considered within the realm of possibility are limited only by the imagination, effort and will of the entrepreneurs and visionaries who will use blockchain technology to transform their companies and by extension, the world. Leaders who make strategic moves will profit mightily from the disruption of the foreknown and traditional business models.
Surely I have missed out on some things, please don't hesitate to enlighten me on aspects you think I may have been lacking in the comments.
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Written by John Ade.
You can read more of his writings on techy.ng